An iconic 1962 Ferrari was sold for a record $51.7 million (£42 million) at a New York auction, Sky News reported.

The jet red 330 LM/250 GTO model is now the most costly Ferrari and the second highest-priced vehicle to be sold at auction.

Being called a “once-in-a-generation” chance purchase, the vehicle got a new owner after nearly four decades of private ownership.

The car was given the chassis number of 3765. It is the only Works GTO example that was originally equipped with a 4-litre engine.

It is the only GTO Tipo 1962 raced by the Scuderia Ferrari, while it also holds the record for class win and second overall finish at the 1962 Nürburgring 1000 KM.

The car was driven by Mike Parkes and Lorenzo Bandini for the Scuderia Ferrari at the 1962 24 Hours of Le Mans.

Gord Duff, RM Sotheby’s global head of auctions at Sotheby’s, said: “Celebrating this sale during Sotheby’s marquee week highlights the unparalleled stature of this Ferrari as one of the world’s most desirable objects.”

“Now, it ranks among the most expensive cars sold at auction, a true testament to its singular place in history,” he added.